Articles tagged 'tax'

Finance Act (No 3) of 2018 tackles phoenix behaviour 6 January 2019 HARARE - A phoenix is believed “to be a unique bird that lived for five or six centuries in the Arabian desert, after this time burning itself on a funeral pyre and rising from the ashes with renewed youth to live through another cycle”. Companies that are wound up and then resurrected through...
Zimra to tax donations 6 January 2019 HARARE - As the broke Zimbabwean government seeks to seize every cent it can lay its hands on, the Zimbabwe Revenue Authority (Zimra) will tax specific classes of donations to beef up the fiscus. The tax collector said even though donations are not incurred for the purposes of trade or in the ...
2pc tax raises $572 million in Dec 31 December 2018   HARARE - Government says it has surpassed its monthly target for December and raised $572,4 million through the controversial two percent tax. According to Finance minister Mthuli Ncube, revenue generated through the tax, also referred to as the Intermediated Money Transfer Tax (IMTT), wi...
Keep records to discharge tax burden of proof 30 December 2018 HARARE - When running a business is it a requirement on the part of the business person to keep certain records that document and explain all the transactions of his/her business.  Records constitute the basis of financial and tax reporting. Not only is financial information important to th...
Harmonise levies, taxes: ED 28 December 2018 HARARE - President Emmerson Mnangagwa  has demanded the harmonisation of mining levies and taxes if the local extractive industry is to be regionally attractive to foreign investors. Speaking during the recent commissioning of a diamond mining conglomerate plant, the president said government ...
Mthuli, Ziyambi grilled over 2 percent tax 28 December 2018 HARARE - MDC legislators last week grilled Finance minister Mthuli Ncube and Justice minister Ziyambi Ziyambi over the legality of the two percent tax which was introduced in October this year. Speaking in the National Assembly, opposition MPs argued that the minister did not follow proper leg...
No tax break for religious organisation that enters business arena 23 December 2018 HARARE - One of the most innovative and business-minded groups are today's religious organisations.  Rather than waiting for donations and offerings, churches and religious organisations are coming up with income generating streams to sustain themselves and fulfill the mandate of preaching the...
'Informal sector, source of tax revenue' 14 December 2018 HARARE - Former banker and immediate past chairperson of the Zimbabwe Investment Authority, Nigel Chanakira said the country's economy had largely gone informal and thus represents a potentially significant source of tax revenue for the cash-strapped government. Speaking at the Financial and E...
Zimra clarifies on dutiable goods 27 November 2018 HARARE - The Zimbabwe Revenue Authority (Zimra) has clarified on guidelines used in the clearance of the designated foreign currency dutiable goods and specified requirements needed to get an exemption approval. This comes after the ministry of Finance and Economic development invoked the Cust...
Govt targets tax dodgers 4 November 2018 HARARE - President Emmerson Mnangagwa is finalising drafting legislation that will restore stability and eliminate mischief in the money markets, his spokesperson George Charamba told the Daily News on Sunday this week. Charamba also revealed that Mnangagwa will use emergency powers to deal wi...
Govt owed over $4,5bn by tax dodgers 31 October 2018 HARARE - Government is owed over $4,5 billion by tax evaders, Finance ministry secretary George Guvamatanga has said. Presenting the 2018 expenditures and 2019 budget priorities before the parliamentary portfolio committee on Finance on Monday, Guvamatanga expressed concern over tax dodging. ...
Adopt a fair tax system for property sector, govt urged 29 October 2018 HARARE - Governement should adopt a fair tax system for the property sector, which is currently heavily taxed, in order to increase the level of participation by individuals, a real estate expert has said. Real Estate Institute of Zimbabwe president Mike Juru said it was critical for President...
Chamisa demands 2 percent tax refunds 23 October 2018 HARARE - MDC leader Nelson Chamisa, has demanded that government reverses and refund Zimbabweans all the money they lost following the introduction of the infamous tax regime, which milks two cents on every dollar for electronic transactions. Speaking to the Daily News, Chamisa said the Zanu P...
Zim tax system hit by low compliance levels 20 October 2018 HARARE - Zimbabwe's tax system is characterised by low compliance levels as registered corporate taxpayers are not remitting their dues, a tax expert has said. Speaking at The Financial Gazette tax review conference last week, Christina Muzerengi, a tax partner with Grant Thornton, said the th...
2 percent tax sparks confusion 19 October 2018 HARARE - There is confusion in the market over the two percent tax introduced by Finance minister Mthuli Ncube. Part of the confusion emanated from an EcoCash message sent to customers stating that whilst their mobile tariffs remain unchanged, all applicable EcoCash transactions now attract tw...
Woes mount for Trek Petroleum 24 October 2017 HARARE - Problems are mounting for one of the country's leading fuel firms — Trek Petroleum (Private) Limited — which has been dragged to court over a $3,6 million debt owed to a local bank. This comes as the company is facing an uncertain future after the Supreme Court recently threw out its ...
Tough tax regime for miners 23 October 2017 HARARE - The Zimbabwe Revenue Authority (Zimra) is proposing a tough mining regime for miners to ensure that the country gets more taxes. Zimra's chairperson Willia Bonyongwe last week said Zimbabwe, like all developing countries, needs to find a more equitable tax regime for the mining sector...
Zimra hunts for Pasi succesor 2 October 2017 HARARE - Zimbabwe Revenue Authority (Zimra) has started the process of replacing the authority's former Commissioner-General Gershem Pasi, who resigned in May following his suspension on allegations of corruption. In a notice yesterday, Zimra outlined an array of qualifications the aspiring co...
Zimra surpasses revenue collection target 6 September 2017 HARARE - The Zimbabwe Revenue Authority (Zimra) surpassed its August revenue target of $267,6 million after collections for the month amounted to $307,9 million due to a surge in company tax, data from the agency shows. In its report for the month under review, Zimra said gross collections for...
$8m collected under Health levy 25 July 2017 HARARE - Government has collected $8,2 million since January from a Health Fund levy of $0,05 for every $1 of airtime and mobile data, Finance minister Patrick Chinamasa has said. To increase the tax base and meet his $4,1 billion 2017 Budget, which was flat on 2016, Chinamasa said the continu...
Taxman targets Zanu PF chefs 15 July 2017 HARARE - The country's nouveau riche — especially bigwigs in Zanu PF who have made enormous wealth in the midst of widespread poverty — face lifestyle audits by the Zimbabwe Revenue Authority (Zimra), which is desperate for revenue to fund President Robert Mugabe's bloated administration that has...
Zimra to chase cash hidden in tax havens 15 July 2017 HARARE - Zimbabwe's tax agency has said it wants to uncover billions of dollars in undeclared assets kept by Zimbabwean citizens in foreign countries amid a worsening liquidity crunch. This comes as Zimbabweans have externalised billions of dollars, ranging from the relatively small bank depos...
Zimra surpasses revenue target 14 July 2017 HARARE - Zimbabwe's tax agency Zimra has said it exceeded its 2017 second quarter revenue target by over 9 percent, as the economic outlook became positive, buoyed by the good agricultural season and a battery of measures to stimulate investment, exports and production. Zimra chairperson Willi...
'Health levy to stem drug shortages' 11 July 2017 HARARE - Health and Child Care minister David Parirenyatwa says the five percent health levy introduced by government on all air time purchases will improve ordinary citizen's access to drugs and better health care. Government began deducting a five percent health levy on all airtime purchases...
Airtime levy target missed 7 July 2017 HARARE - Zimbabwe's airtime levy missed its January target of $4 million after the country collected only $3 million due to worsening economic conditions. The government introduced a five percent levy on all airtime purchases for mobile telecommunications firms in 2014 as part of strategies to...